The London Metal Exchange has just finished its trial to calculate nickel prices using a volume weighted average price (VWAP) method on the exchange's electronic trading platform. If early indications are anything to go by, metals market participants did not embrace this method of price discovery in the way some had anticipated. For three months since Monday March 18, closing prices for nickel car...Read More

The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect.  His view is being echoed by a number of...Read More

The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne des...Read More

The London Metal Exchange has launched a consultation process on warehousing reforms that aims to attract higher stock levels, Matthew Chamberlain, LME chief executive, announced on Thursday July 25. The consultation began on Thursday and is open until September 2019. It includes changes to evergreen rent deals and the controversial queue-based rent capping (QBRC) rule as well as the introduction...Read More

Prices for seaborne cargoes of premium hard coking coal tumbled on Thursday July 25, with pervading pessimism taking hold of this segment of the market.An August-loading cargo of premium low-vol hard coking coal was traded at $185.50 per tonne cfr China during the day, sources said. This sent the Fastmarkets index for premium hard coking coal, cfr Jingtang to $184.16 per tonne, down $5.62 per tonn...Read More

The global molybdenum market continued to move up in the first half of the week starting on July 22 amid increased spot activity in Asia, with the European market following it higher.Fastmarkets assessed the price of drummed molybdic oxide, in-warehouse Busan, at $11.90-12.10 per lb on Wednesday July 24, up from $11.75-11.85 per kg the previous week.Strong demand from the steel market in Asia incr...Read More

Canadian minor metals and specialty chemicals producer 5N Plus has "significantly" reduced the production of bismuth at its refining and recycling facilities and will increase procurement of the material due to low metal prices, the company said on Monday July 22. Until now, 5N Plus has relied on process technologies to extract bismuth from the various residues and secondary streams in its refinin...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday July 25 that are worth another look.The United States' non-ferrous scrap export market was mixed through May, with year-to-date shipments of aluminium scrap rising while those of copper scrap fell versus the same period last year. Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turki...Read More

Warrant traders dealing in zinc have reported a steady uptick in the metal's warrant premium levels over July, while an easing in the metal's cash/three-month spread suggests that there are more supportive financing conditions, although market participants remain reluctant to commit to purchases.So far in July, Fastmarkets' assessment of the zinc SHG min 99.995% warrant premium, in-whs North Europ...Read More

The London Metal Exchange has launched a consultation process on warehousing reforms that aims to attract higher stock levels, Matthew Chamberlain, LME chief executive, announced on Thursday July 25. The consultation began on Thursday and is open until September 2019. It includes changes to evergreen rent deals and the controversial queue-based rent capping (QBRC) rule as well as the introduction...Read More

A summary of Teck's production results for the first half year ended June 30, 2019, as well as its production guidance for 2019. The company's second-quarter zinc production declined by 4,000 tonnes year on year to 184,000 tonnes in the second quarter due to lower zinc grades in Antamina, while the Red Dog mine performed well over the quarter with zinc production at 158,000 tonnes and lead product...Read More

A summary of Eramet's production results for the first half of 2019. In brief  Eramet hit new production records for nickel ore, manganese ores and alloys during the first half of 2019 though the company's earnings before interest, tax, depreciation and amortization (Ebitda) declined to ?,?307 million ($342 million) over the period, attributed to weak performance across the metals and mining...Read More

Nickel's three-month price on the London Metal Exchange was lower during morning trading on Thursday July 25, selling off by some 3.8% across European trading hours against weak economic data from the region. The metal's three-month price fell to an intra-morning low of $13,995 per tonne in this morning's session, down by just under 4% from Wednesday's closing price of $14,550 per tonne. The...Read More

Import prices for stainless steel in East Asia picked up some strength over the past week after a fire broke out at the Indonesia subsidiary of Chinese stainless steelmaker Tsingshan Holding Group, which has been supplying cargoes - often at a discount - to the region.The weekly Fastmarkets import price assessment for stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East Asian port w...Read More

The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More

The price of steel billet imported into Egypt fell in the week to Thursday July 25 on lower offers, with demand still poor due to continuing uncertainty over import duties."Offer prices have fallen but there are no bookings because of the ongoing uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and...Read More

Domestic prices for heavy steel plate have been largely stable across Europe over the past week in the slow market, sources told Fastmarkets this week.Demand will decline further in August due to the traditional market slowdown over the summer period."The market is slow, which is normal at this time of the year," an Italian source said."Mills will try to increase offers [for plate] in Se...Read More

China's hot-rolled coil prices rebounded on Thursday July 25 in line with rising futures bolstered by expectations of stricter production curbs toward the end of the month.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($558-561) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10 yuan per tonnePrices rebounded amid an increase in trading activity in the...Read More

The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More

Seaborne iron ore prices pushed up on Thursday July 25, with firmer spot trades supporting the increases, sources told Fastmarkets. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $116.92 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr...Read More